A PYMNTS Company

US/Finland: Nokia shareholders come around to Microsoft’s $7.2B offer

 |  November 19, 2013

After early disapproval, reports say Nokia shareholders have cleared Microsoft’s $7.2 billion buyout offer of the company’s handset device business.

Report say 99.7 percent of shareholders approved of the buyout in a general meeting held in Finland.

This is the first of several hurdles Microsoft will need to clear in its Nokia pursuit, however, as the deal remains subject to regulatory approval within the US and Europe. Should the buyout earn clearance, Microsoft plans to take over Nokia’s Lumia and Asha smartphone businesses, as well as other devices and software services.

Microsoft has reportedly declined to acquire Nokia’s mapping technology HERE, but will license the technology, as well as other patents.

Following the deal, Nokia said it plans to focus on its HERE technologies, network and patents.

Microsoft first announced plans to acquire Nokia last September.

Full Content: Windows IT Pro

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.